Renting? Want a large 2008 refundable tax credit?
First-time Homebuyer Credit is on homes purchased from April 9, 2008 through June 30, 2009.
Qualifications
1. Did not own home in prior three years.
2. Income under $75,000 (single) or $150,000 (joint) - reduced credit available if income under $95,000 (single) or $190,000 (joint)
Credit is 10% of purchase price, and is capped at $7500.
If home is purchased between January 1, 2009 and June 30, 2009, credit may be taken on 2008 or on 2009 return.
Finally, this credit is actually an interest-free loan. If taken in 2008, 1/15 of the credit is added to your taxes for each year 2010-2024.
